Cisco Prepares for Second Round of Layoffs
7% of Workforce to be Cut as Company Restructures
Affected Employees Given 60 Days' Notice
Cisco Systems, a major manufacturer of computer networking equipment, has announced plans to lay off 7 percent of its workforce. The move comes as part of a broader restructuring plan aimed at investing in key growth areas. This is the second round of layoffs this year for Cisco, which previously announced it would cut 5% of its global workforce in February.
The layoffs are expected to affect approximately 5,500 employees worldwide. Affected employees will be given 60 days' notice and will receive severance packages and other support services. Cisco has stated that it is committed to supporting its employees during this transition.
The company's decision to cut jobs stems from a shift in its business strategy. Cisco has been investing heavily in new technologies such as cloud computing and software-defined networking. These investments have led to a decline in demand for some of its traditional hardware products.
Cisco's layoffs are part of a broader trend of job cuts in the tech industry. Other companies such as Intel, Microsoft, and Qualcomm have also recently announced plans to reduce their workforce. The tech sector has been facing challenges due to slowing global economic growth and increased competition.
Despite the layoffs, Cisco remains optimistic about the future. The company believes that its investments in new technologies will position it for long-term growth. Cisco has also expressed its gratitude to the employees who will be affected by the layoffs and has pledged to support them in their job search efforts.
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